G.V.Electricals IPO
G.V.Electricals IPO is a sme IPO raising ₹42 Cr at ₹123 – ₹130 a share. The smallest application you can make is 1000 shares, costing ₹1,30,000 at the top of the band. Bidding opens on 31 Jul 2026.
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What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
G V Electricals Ltd provides power distribution infrastructure services to electricity distribution utilities in India, primarily operation & maintenance (O&M) and allied support for distribution networks. Work covers 33 kV, 11 kV and low-tension lines, 33/11 kV substations, pole and cable installation works, and metering-related field services. They operate across three service verticals: Network O&M Services, Electrical Infrastructure and Network Development Works, and Metering and Meter Management Services.
How it earns
Revenue comes from contracts awarded mostly through competitive tenders by electricity distribution utilities — billed via annual maintenance contracts/rate contracts (recurring/periodic billing) or milestone-based work orders for infrastructure projects. They do not undertake manufacturing; they deploy field manpower and use tools/equipment at project sites, procuring materials from third-party suppliers on a project basis.
Who buys
Almost entirely electricity distribution utilities. Top 10 customers = 94.76% of FY26 revenue (₹148.22 crore of ₹156.41 crore); top 3 customers = 64.79% (Customer 1 = 33.33%, Customer 2 = 17.18%, Customer 3 = 14.28%). Repeat-customer revenue was 88.29% in FY26 (₹138.09 crore). Named customer identities are not disclosed in the prospectus.
Scale
4,473 employees as of May 31, 2026 (4,332 permanent + 141 contractual); order book of 34 projects valued at approximately ₹553.70 crore; revenue from operations of ₹156.41 crore in FY26 (up from ₹111.80 crore in FY24).
What it says sets it apart
- Heavy reliance on recurring O&M contracts (76.90% of FY26 revenue) billed periodically rather than purely project-based, providing revenue visibility
- Order book of 34 projects worth approximately ₹553.70 crore (unexecuted) as of June 30, 2026 — roughly 3.5x FY26 revenue
- High repeat-customer share of 88.29% in FY26 (97.14% in FY25, 99.28% in FY24), reducing bidding/mobilisation time
- Concentrated geographic presence in Odisha (69.05% of FY26 revenue) suggests established execution capability in a single large utility market
- Holds ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and SA 8000:2014 certifications
Revenue mix
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹156 Cr+19% | ₹10 Cr+125% | 6.7% | ₹34 Cr | ₹16 Cr |
| FY2025 | ₹131 Cr+17% | ₹5 Cr+66% | 3.6% | ₹23 Cr | ₹8 Cr |
| FY2024 | ₹112 Cr | ₹3 Cr | 2.5% | ₹17 Cr | ₹5 Cr |
What happens when
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How this cohort has done
54 SME issues listed in 2026 that we can price today. This is the group it is about to join.
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Track this company once it lists
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